中国线上品牌追踪_2025 年 10 月_多数板块增长乏力；乳制品改善；啤酒、美妆板块表现滞后-China Consumer Connection_ Online Brand Tracker_ Oct-25_ Muted growth across most sectors; Diary improved; Beer_Beauty lagged

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of various sectors in the Chinese consumer market, particularly focusing on e-commerce platforms like Tmall, Taobao, and JD. The overall growth across most sectors is described as muted, with specific categories showing significant declines in year-over-year (YoY) growth rates [1][12]. Category Performance - Supplements/Infant Milk Formula/Dairy: - Supplements grew by 9% YoY, Infant Milk Formula (IMF) by 2%, and Dairy by 1% [1][12]. - Declining Categories: - Beer saw a decline of 19%, Beauty products declined by 9%, Small kitchen appliances by 7%, Sportswear by 6%, and Sports shoes by 4% YoY [1][12]. - Flat Performance: - Pet foods and Women's clothing remained flat YoY [1][12]. Brand Performance - Domestic vs. MNC Brands in Cosmetics: - Multinational Corporations (MNCs) outperformed local brands in October, attributed to easier bases and favorable platform support. Estee Lauder and Kose led with 33% and 32% YoY growth, respectively [2][29]. - Local brands like Mao Geping and Botanee grew by 33% and 11% YoY, while Proya and Giant saw declines of 24% and 25% YoY [2][28][29]. Sportswear Insights - Niche MNC brands continued to outperform larger brands, with product cycles playing a significant role in performance disparities. For instance, Adidas showed solid momentum, while Nike did not perform as well [3]. - Weather-sensitive brands like Bosideng and Uniqlo experienced growth due to colder weather in Northern China [3]. Sales Recognition Practices - The growth rates for October may be distorted due to sales recognition practices related to pre-sales and returns during the Double-11 shopping festival. A combined analysis of October and November data is recommended for a clearer picture [7]. Notable Brand Performers - Outperforming Brands: Lululemon, Adidas, Roborock, Pop Mart, and Maogeping [8]. - Underperforming Brands: QuadHA, Nutrilon, Fancl, Carlsberg, and Comfy [8]. Additional Insights - The report highlights the importance of omni-channel strategies being executed by brands, indicating that online sales may not fully reflect overall performance due to offline sales channels [3]. - The performance of various categories is further detailed in the exhibits, showing YoY trends and market share changes for key brands in the infant milk formula and supplements sectors [19][20][22][25]. Conclusion - The overall consumer market in China is experiencing stagnant growth with significant variances across categories and brands. MNCs are generally outperforming local brands, particularly in cosmetics, while certain sectors like sportswear are seeing a bifurcation in performance based on brand strategies and external factors like weather.